Q. Whether the Input Tax Credit of Central Tax Paid in Haryana be Available to the Applicant who is Registered in Rajasthan State? In other words, ITC of the Central tax charged in Haryana is not available as in this case both the location of the supplier and the place of supply of the services are in the State of Haryana.
WHETHER A LIMITED LIABILITY PARTNERSHIP REGISTERED UNDER LIMITED LIABILITY PARTNERSHIP ACT, 2008 CAN BE THE SUBSIDIARY OF A COMPANY REGISTERED UNDER COMPANIES ACT, 2013- We can come up with the conclusion after reading through the analysis of following table. TITLE OF DEFINITION COMPANIES ACT, 2013 LIMITED LIABILITY PARTNERSHIP ACT, 2008 BODY CORPORATE In accordance with […]
Clarification of GST Rule 36(4)- Circular No.123/42/2019 dated 11/11/2019 – Central Tax The newly inserted Rule 36(4) provides that a taxpayer can avail ITC pertaining to outward supplies not declared by his supplier in Form GSTR-1 only to the extent of 20% of the eligible credit available in respect of invoices declared by his supplier in […]
Specified bond for Section 54EC of Income Tax Act – 1961 The benefit under section 54EC can be availed only if there is an income from a capital asset, being long-term in nature. Long-term capital gains are the profit that a person makes when he sale any capital asset (w.e.f A.Y 2019-20, the said long term capital asset shall […]
Provisions which grant exemption from tax or which allow benefit of input tax credit adversely affect revenue receipts from goods and services tax. Therefore, while preparing draft of goods and services tax (GST) laws, due precautions are required to be taken. In my opinion, some of the provisions related to availability or admissibility of input […]
The MCA has launched a new and simplified web based service R.U.N. (Reserve Unique Name) for reserving a name in place of INC-1. This has also removed the requirement to use a Digital Signature Certificate (DSC) during name reservation. It was another value addition to Ease of Doing Business in India.
NCLAT, recently, vide its order dated 18.11.2019 in the matter of State Bank of India v Anuj Bajpai, has held that the disqualified persons under Section 29A of the Insolvency and Bankruptcy Code, 2016 , are completely and irrevocably barred from having access to the assets of the Corporate Debtor. Details of the Order has been discussed below:
When Mr R.K. Panjwani, a banking colleague of mine for 40 years congratulated me on the occasion of 50 years of Indian banks nationalization, my mind waded back to RBI Governor, Shaktikanta Das, lecture on 16th November 2019 at Amrut Modi School of Management, Ahmedabad University. Yes, it is time to think about the performance […]
Input Tax Credit is one of the Key Features of the GST. Input Tax Credit is available on each supply made under GST subject to conditions prescribed. It is a very important topic for the registered person to understand how he can claim input tax credit, when he can claim, which he cannot claim etc.. […]
Transfer Pricing: Suggested Operating Profit Margins for IT and ITeS Sector having Turnover between Rs. 50 lakhs to Rs. 50 crores This is high time for the entities which have to comply with the provisions of Transfer Pricing (TP) under Income-tax Act, 1961 (the Act) i.e. only 5 days left for filing of the various […]
